73477 Republic of the Union of Myanmar: Interim Strategy Note and The National Community Driven Development Project Meeting of the Executive Directors November 1, 2012 Chair’s Summing Up ∗ Executive Directors discussed the joint IDA/IFC Myanmar Interim Strategy Note (ISN) for FY13-14 (IDA/R2012-0252, IFC/R2012-0319). Directors commended the Myanmar authorities for the progress made in the recent reform program, including implementing economic reforms aimed at poverty reduction and inclusive growth. Directors expressed broad support for the ISN, noting that it responded well to Myanmar’s development challenges and welcomed the ISN’s three pillars: supporting the transformation of institutions; building confidence; and preparing for the road ahead. Directors welcomed the World Bank Group’s re-engagement through an ISN that captured the complex changes taking place in Myanmar, and which charted a proposed path for the World Bank Group that builds on global lessons learned and its comparative advantage. Directors welcomed the ISN’s emphasis on analytical work to expand understanding of development challenges confronting the country, and the strategy’s selectivity in identifying initial areas of World Bank Group support, emphasizing the importance of the IFC’s role. Directors noted the need for comprehensive due diligence, a strong macroeconomic framework, supported through close coordination with the IMF. They also highlighted the need to facilitate arrears clearance together with other creditors within a sustainable macroeconomic framework. Directors noted the desirability of having an arrangement with the IMF. Directors stressed the importance of supporting the government in strengthening governance, building institutional and statistical capacity, establishing mechanisms for effective donor coordination, and engaging with a wide range of stakeholders to promote a full understanding of the World Bank Group’s work in Myanmar. In that respect, they encouraged close monitoring of the country’s risks and provision of intensive implementation support. Summary of Discussion ∗ Executive Directors approved an IDA pre-arrears clearance grant to the Republic of the Union of Myanmar for a National Community Driven Development Project in the amount of SDR52.6 million (US$80 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2012-0264). Directors expressed support for the project and its focus on supporting rural communities, which are among the poorest in Myanmar. Directors highlighted the need to provide close implementation support for the project, given that this is the first World Bank Group project in Myanmar in over 25 years. Directors also encouraged continued collaboration with development partners and Civil Society Organizations, as well as inclusive consultation with a broad range of stakeholders, to ensure effective implementation. ∗ This summary is not an approved record.